REG - Lexington Gold Ltd - Jones-Keystone Project Update

Lexington GoldAnnouncement

26/09/2022 07:00

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RNS Number : 5376A  Lexington Gold Limited  26 September 2022

26 September 2022

Lexington Gold Ltd

("Lexington Gold" or the "Company")

Jones-Keystone Project 1m sample re-splits verify high-grade,

shallow intercepts of up to 7.5 g/t Au

 

Lexington Gold (AIM: LEX), the gold exploration and development company, with
projects in North and South Carolina, USA, is pleased to announce the results
for the 1m re-splits taken from the reverse circulation ("RC") drill hole 4m
composite samples across its Jones-Keystone Project. All of the holes
concerned were originally sampled as 4m composites. All composites which
returned a gold grade of more than 200ppb Au were then subsequently re-sampled
in the field and assayed on a 1m basis. Please refer to Table 1 below for the
full set of results.

 

Highlights:

·    Significant intercepts recorded from the 1m samples include:

 

·      Hole JKRC-002: 50m @ 1.09 g/t Au from 72m to 122m including:

o 27m @ 1.52 g/t Au from 72m to 99m

o 9m @ 2.71 g/t Au from 90m to 99m

o 1m @ 5.77 g/t Au from 93m to 94m

 

·      Hole JKRC-003: 28m @ 1.15 g/t Au from 66m to 94m including:

o 6m @ 2.67 g/t Au from 66m to 72m

o 1m @ 5.17 g/t Au from 67m to 68m

 

·      Hole JKRC-004: 31m @ 1.38 g/t Au from 28m to 59m including:

o 16m @  2.15 g/t Au from 28m to 44m

o 1m @ 7.52 g/t Au from 32m to 33m

 

·    The 1m re-sampling of the 4m composites has confirmed shallow,
high-grade intercepts of up to approximately 7.5g/t Au

·   The 1m re-splits assay results will now be incorporated into the
Company's existing geological model

·    The results will facilitate the establishment of an independent
maiden JORC Resource estimate for Jones-Keystone which will be added to the
existing JORC Resource for Loflin, to form a combined JORC Resource for the
JKL Project

 

·    The Jones-Keystone deposit remains open along strike and down dip

 

Bernard Olivier, Lexington Gold's CEO, commented:

"The 1m re-splits assay results for Jones-Keystone confirm and expand upon the
exceptional results announced previously. The deposit exhibits significant
shallow mineralisation with grades of up to approximately 7.5g/t gold achieved
as well as multiple intersections of 20m+ widths at mineable grades, including
27m at an average grade of 1.52 g/t gold. The Directors believe these results
will faclitate the establishment of a significant maiden JORC Resource
estimate for Jones-Keystone of potentially up to 100,000 ounces, which will
serve to significantly increase the existing JORC Resource estimate for our
overall combined JKL Project."

 

Additional drilling and assaying information for the JKL Project

The 1m re-splits assay results are in line with the previously announced 4m
composite results with shallow, high-grade intercepts of up to approximately
7.5g/t Au. The results will be incorporated into the Company's existing
geological model to add further detail to the distribution of gold at
Jones-Keystone.

Table 1: 1m re-splits assay results for Jones-Keystone

 Hole No.  Dip         Azimuth     Final depth (m)  From  To    Interval  g/t Au

           (degrees)   (degrees)
 JKRC-001  -50         155         80m              78m   80m   2m        1.32
 JKRC-002  -60                     150m             72m   122m  50m       1.09

                       152
 including                                          72m   99m   27m       1.52
 including                                          90m   99m   9m        2.71
 including                                          93m   94m   1m        5.77
 JKRC-003  -51         150         140m             66m   94m   28m       1.15
 Including                                          66m   72m   6m        2.67
 Including                                          67m   68m   1m        5.17
 Including                                          82m   93m   11m       1.09
 JKRC-003  -51         150         140m             117m  118m  1m        2.05
 JKRC-004  -49         147         90m              28m   59m   31m       1.38
 Including                                          28m   44m   16m       2.15
 Including                                          32m   33m   1m        7.52
 JKRC-004  -49         147         90m              70m   71m   1m        1.39
 JKRC-005  -50         152         120m             17m   18m   1m        2.1
 JKRC-005  -50         152         120m             76m   78m   2m        0.98

 

All of the intersection information in Table 1 above is reported using the
down-hole depth. The holes were drilled at inclined angles of approximately
50(o) and the mineralisation will therefore be at shallower depths than the
down-hole depths reported in Table 1.

 

Figure 1: Jones-Keystone Project Section Lines

 

 

Figure 2: Cross Section Line AB with drill hole intersections

 

 

Figure 3: Cross Section Line CD with drill hole intersections

 

 

 

Figure 4: Long Section Line EF with greater than 0.2 g/t Au shaded in red

 

 

Figure 5: Long Section Line EF with drill hole intersections

 

Competent Person's Statement

The information contained in this announcement that relates to exploration
activities is based upon information compiled by Edward Nealon, Chairman of
Lexington Gold. Mr Nealon is a Member of the Australasian Institute of Mining
and Metallurgy (AusIMM) and has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the
December 2012 edition of the "Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Nealon consents
to the inclusion in this announcement of the matters based upon the
information in the form and context in which it appears.

 

Enquiries:

 

 Lexington Gold Ltd                                        www.lexingtongold.co.uk (http://www.lexingtongold.co.uk)

 Bernard Olivier (Chief Executive Officer)                 via Yellow Jersey

 Edward Nealon (Chairman)

 Mike Allardice (Group Company Secretary)

 Strand Hanson Limited (Nominated Adviser)                 www.strandhanson.co.uk (http://www.strandhanson.co.uk)

 Matthew Chandler / James Bellman / Abigail Wennington     T: +44 207 409 3494

 WH Ireland Limited (Joint Broker)                         www.whirelandplc.com (http://www.whirelandplc.com)
 Katy Mitchell / Ben Good / Enzo Aliaj                     T: +44 207 220 1666

 Peterhouse Capital Limited (Joint Broker)                 www.peterhousecap.com (https://peterhousecap.com/)

 Duncan Vasey / Lucy Williams (Broking)                    T: +44 207 469 0930

 Eran Zucker (Corporate Finance)

   Yellow Jersey PR Limited (Financial Public Relations)   www.yellowjerseypr.com (http://www.yellowjerseypr.com)

 Tom Randell / Annabelle Wills                             T: +44 7948 758 681

                                                           +44 2030 049 512

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

Glossary of technical terms:

 

 "Au"         gold;

 "g"          grammes;
 "g/t"        grammes per tonne;

 "JORC"       Joint Ore Reserve Committee;
 "m"          metre;

 "ore-zone"   the portion, or length, of a vein or other structure that carries sufficient
              valuable minerals to be extracted profitably;

 "ppb"        parts per billion;
 "t"          tonnes;
 "oz"         troy ounce.

 

Note to Editors:

Lexington Gold (AIM: LEX) is focused on the exploration and development of its
four diverse gold projects, covering a combined area of approximately 1,675
acres in North and South Carolina, USA. The projects are situated in the
highly prospective Carolina Super Terrane ("CST"), which has seen significant
historic gold production and is host to a number of multi-million-ounce mines
operated by majors. It was also the site of the first US gold rush in the
early 1800s, before gold was discovered in California.

Further information is available on the Company's website:
www.lexingtongold.co.uk (http://www.lexingtongold.co.uk) . Neither the
contents of the Company's website nor the contents of any website accessible
from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

 

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